News
The World Container Index (WCI) increased 4% from the previous week to $3,213 per FEU in Week 44, its first improvement in 15 weeks, according to Drewry Maritime Research. It was, however, 129% higher than a year earlier.
The composite index was 69% below the previous pandemic peak of $10,377 per FEU in September 2021 but 126% above the average of $1,420 per FEU in the pre-pandemic year of 2019.The year-to-date average was $4,017 per FEU, $1,178 higher than the 10-year average of $2,839 per FEU, which is inflated by the exceptional 2020-22 COVID period.
Freight rates from Shanghai to Genoa grew 11%, or $352 to $3,648 per FEU and from Shanghai to Rotterdam, 8%,or $264 to $3,396 per FEU. Rates from Shanghai to Los Angeles and from Los Angeles to Shanghai both increased 1%, going up to $4,839 per FEU and $718 per FEU, respectively, whereas those from Rotterdam to Shanghai decreased 1%, or $5 to $543 per FEU. Meanwhile, those from Shanghai to New York, from New York to Rotterdam and from Rotterdam to New York all remained stable at $5,241 per FEU, $760 per FEU and $2,664 per FEU, respectively.
After a decline since August, ex-China spot rates increased last, and this trend is expected to continue as the Christmas rush intensifies.
